Japan: Updated FAQs under CRS regime
Japan’s tax agency published an updated version of “frequently asked questions”
Japan’s tax agency published an updated version of “frequently asked questions”
Japan’s tax agency published an updated version of “frequently asked questions” (FAQs) under the common reporting standard (CRS) regime.
Updates were made to the following questions:
- Q. 11: The explanation of standing instructions was updated to clarify that those related to depositary accounts are excluded from the definition of the indicia.
- Q. 34: The reportable jurisdictions number was updated to add Jordan, Moldova, Montenegro, Thailand, Uganda, and Ukraine, and to remove Niue.
- Q. 44: The note on the determination of the country of residence was updated to include an explanation that being subject to taxation in a foreign country does not necessarily establish tax residency. Also, a paragraph was added explaining a case where the address stated in the notification form is solely in Japan and the identification documents presented only contain an address in Japan.
- Q. 45: An assumption that the person has a taxpayer identification number (TIN) of the jurisdiction of residence if it is confirmed that the jurisdiction automatically assigns TINs to residents was included.
- Q. 47: The language for the definition of a controlling person was updated.
- Q. 48: The question regarding the submission of notification forms through electronic means was updated to include an example of such submission when performing eKYC per the Act on Prevention of Transfer of Criminal Proceeds.
Read a July 2023 report [PDF 413 KB] prepared by the KPMG member firm in Japan
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